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Sri Lanka Shippers’ Council Expresses Concerns Over Soaring Freight Rates Amidst Port of Colombo’s Increased Activity

The Sri Lanka Shippers’ Council (SLSC) extends a warm welcome to the substantial rise in container arrivals and movements at the Port of Colombo. However, the Council is deeply troubled by the unprecedented 300% surge in freight rates imposed by shipping lines navigating the Cape of Good Hope, en route to Europe and the United States.

This sudden escalation in freight costs is creating a ripple effect, significantly impacting the global competitiveness of Sri Lankan manufacturers and the Small and Medium Enterprise (SME) sector. A central concern revolves around space allocation, as transshipment movements currently take precedence.

The SLSC underscores the critical importance of maintaining global competitiveness and fostering sustainable business practices. Actively engaging with relevant stakeholders, the Council is in discussions to address these challenges and seek solutions that strike a balance between the commercial interests of service providers and the viability of the import and export sectors in Sri Lanka.

Amidst these challenges, the SLSC is dedicated to promoting a collaborative approach that ensures a mutually beneficial solution for all stakeholders. As Sri Lanka continues to establish itself as a key player in the global trade landscape, the SLSC remains committed to navigating challenges and facilitating a conducive environment for businesses to thrive.

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